Finance
Exxon, SLB flag interest in lithium projects in Chile, say document and source
Published by Global Banking & Finance Review®
Posted on February 20, 2025
3 min readLast updated: January 26, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 20, 2025
3 min readLast updated: January 26, 2026
Exxon and SLB are exploring lithium projects in Chile, the world's second-largest producer, to boost production and reduce emissions.
By Daina Beth Solomon
SANTIAGO (Reuters) - U.S. oil major Exxon Mobil is planning a meeting with Chilean officials to discuss lithium investment opportunities, according to a registry of lobbyist meetings and a person familiar with the matter, as fossil fuel companies increasingly look to invest in production of the metal needed for electric vehicle batteries.
Top U.S. oilfield services company SLB, which is similarly expanding into lithium, also recently met with Chilean mining officials, according to the registry and the source.
The meetings reveal the first known details of interest from the companies to seek opportunities in Chile, the world's second-biggest lithium producer, where output currently comes from just two companies in the Atacama salt flat.
The government is working to boost production, both through efforts spearheaded by state-run copper giant Codelco, and by encouraging private investment.
Oil and gas companies, under pressure to reduce carbon emissions from operations, see parallels between conventional oil and gas drilling methods and lithium extraction from brine, which is the form of production used in Chile.
In January, a Chilean representative for Exxon met with mining ministry officials to discuss an upcoming visit by executives "interested in lithium projects in Chile," according to a registry of lobbyist meetings.
The registry did not provide further details. The source with knowledge of the meeting said the visit was expected in the coming months. Asked about interest in Chile, Exxon said in a statement, "we have collaborations and investments all over the world," and noted it was consistently evaluating opportunities in the energy sector.
In late 2023, the top U.S. oil producer announced plans to produce lithium in the U.S. with the goal of supplying the ultralight metal to EV makers and becoming a top global producer. It told Reuters it was studying where else in the world it could produce lithium.
Exxon is also working to use an innovative method to separate the metal from brine, known as direct lithium extraction (DLE), which Chile has called for as a way to mitigate environmental impacts.
Also in January, SLB Head of Mining Nicholas Lugansky met with a top Chilean mining official to discuss the New Energy unit, which includes lithium projects.
The meeting's aim was to "explore potential collaborations with Chile and its state and private companies," according to the lobbyist registry.
SLB in September was one of eight companies selected to test its lithium extraction technology in the Altoandinos salt flats in northern Chile.
SLB declined to comment, and Chile's mining ministry declined to comment on both companies.
Chile's lithium output currently comes from Chile's SQM and U.S. miner Albemarle.
(Reporting by Daina Beth Solomon, Additional reporting by Ernest Scheyder; Editing by Marguerita Choy)
Exxon Mobil and SLB are showing interest in lithium investment opportunities in Chile.
Chile is the world's second-biggest lithium producer, with output currently coming from SQM and Albemarle.
Exxon is working on an innovative method known as direct lithium extraction (DLE) to separate lithium from brine.
Codelco, the state-run copper giant, is spearheading efforts to boost lithium production in Chile.
SLB's Head of Mining met with Chilean officials to explore potential collaborations related to lithium projects.
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